New corporate name, Yunhong Green CTI LTD., reflects unified global presence and collective goal of bringing patented advanced materials to the North American marketplace to enhance environmental sustainability
Developing compostable, biodegradable and recyclable components available for the Company's existing and expanding product lines
Ticker symbol change from ‘CTIB' to ‘YHGJ' effective at the market open September 25, 2023
To mark the occasion, Company officials will celebrate the occasion at the Nasdaq
LAKE BARRINGTON, IL / ACCESSWIRE / September 22, 2023 / Yunhong CTI Ltd. (Nasdaq:CTIB) ("Yunhong CTI" or the "Company"), a leading manufacturer of custom film packaging products, novelty balloons, candy and balloon gift solutions, and now adding biodegradable and compostable materials and finished products, today announced it has changed its corporate name to Yunhong Green CTI LTD. The Company's stockholders approved this action during the August 28, 2023 annual meeting of stockholders. The Company's shares will start trading under its new name and stock ticker symbol, ‘YHGJ', effective as of market open on September 25, 2023. No action by the Company's shareholders is required with respect to the ticker symbol change. The Company's CUSIP number will remain unchanged.
Mr. Yubao Li, Chairman of both the Yunhong China Group and Yunhong CTI, commented, "Transitioning to the new name and ticker is the most recent step we have taken since announcing our strategic initiative to focus on our new business area of compostable products. The name change aligns with our new brand identity in the U.S. and international markets and reflects our vision for the future. Over the past few years, the Company has actively sought to diversify its business to create new growth opportunities in sectors where believe we have a competitive edge. We are well positioned to increase our presence in the rapidly growing compostable products sector with a scalable business model and look forward to our future with confidence."
Sampling of Yunhong Green CTI Product Portfolio
Yunhong Biotechnology, Inc. ("YB"), a member of the Yunhong Group family of companies, has partnered with Yunhong Green CTI, to bring to the U.S. market its advanced materials for a compostable alternative to many of the materials used and disposed of in landfills. YB holds four patents in China for its sustainable materials, and its proprietary technology has been awarded LFGB certification in China and CE certification through the Instituto Servizi Europei Technologici (Italy). Its products meet various international requirements including EN13432, OK Compost, OK compost Home, ASTM D6400, AS5810, and GB/ T38082-2019.
The Company's products include 100% biodegradable and compostable resins, and include the following finished products: shopping bags, grocery bags, rolled clear bags for food, trash bags, large bin liners, garment bags, takeaway bags, mailing and shipping bags, and many other consumer and commercial products and applications.
For more information about the rebrand and Yunhong Green CTI's portfolio of products, visit: https://ctiindustries.com/pages/yunhong-green
Compostable products are those products which can biodegrade and disintegrate into natural elements such as biomass, water, and carbon dioxide in a composting environment and leaving no harmful element in the soil. In order for packaging material and products to qualify as compostable, they must completely decompose and break down into natural elements within a fixed time period after disposal.
Increased usage in the packaging industry and an increase in strict environmental regulations are key factors driving the compostable products market. Compostable products are also being increasingly used in more durable applications such as in textiles, consumer goods, automotive parts, and building & construction where the focus is on the use of renewable (bio) resources.
In California and other states, legislatures are acting to require increased use of compostable products and passing measures to ensure that retail products labeled as "compostable" or "home compostable" meet specific standards.
About Yunhong Green CTI Ltd.
Yunhong Green CTI Ltd. is one of the leading manufacturers and marketers of custom film packaging products, novelty balloons, candy and balloon gift solutions, and 100% biodegradable and compostable materials and finished products. For more information about our business, visit our corporate website at www.ctiindustries.com.
Statements made in this release that are not historical facts are "forward-looking" statements (within the meaning of Section 21E of the Securities Exchange Act of 1934) that involve risks and uncertainties and are subject to change at any time. These "forward-looking" statements may include, but are not limited to, statements containing words such as "may," "should," "could," "would," "expect," "plan," "goal," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar expressions. We have based these forward-looking statements on our current expectations and projections about future results. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from statements made herein. We cannot anticipate the duration of increased tariffs between the United States and other countries, particularly China. We do not know the ultimate resolution of elevated helium prices that impact our customers and negatively impact our revenue. We cannot anticipate future impacts from inflation, supply chain, labor availability and freight issues, and any global instability. We do not know whether we will be successful in passing such additional costs through to customers. The compostable and biodegradable products described by the Company from time to time are relatively new to the Company, which lacks the history required to ascertain whether those products will ultimately be successful in commerce. More information on factors that could affect CTI's business and financial results are included in its public filings made with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
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SOURCE: Yunhong CTI Ltd.
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